Ripple Labs has finally unveiled its RLUSD stablecoin, a dollar-pegged asset. The stablecoin is now live on some major global exchanges. In a post on X, Ripple emphasized that the stablecoin built for everyone offers fiat currency stability while leveraging blockchain technology.
Features and Financial Implications of RLUSD
RLUSD will function on two networks simultaneously in the interim, pending further developments. These are Ethereum and Ripple’s native ledger, XRP Ledger (XRPL). All users on these two networks can officially interact with RLUSD.
Some of the notable features of RLUSD include allowing users to send and receive payments globally in real time. Notably, RLUSD bypasses the limitations inherent in traditional banking hours as it operates 24/7, and there are no delays in international transactions.
Other interesting features include seamless on and off-ramps and access value in real-world assets.
This allows users to easily convert between RLUSD and fiat currencies or other digital assets. Overall, Ripple’s launch of RLUSD signals the actualization of its quest to integrate blockchain into mainstream finance. RLUSD will offer faster, cheaper, and more accessible transactions.
RLUSD’s entry into the financial market will see it competing with established names such as Tether (USDT) and Circle (USDC).
RLUSD’s Immediate Impact on XRP
Following the launch, the stablecoin price initially experienced up to 20% fluctuations, given it pegged to the U.S. dollar, 1 to 1. It later settled at $1. David Schwartz, Ripple’s Chief Technology Officer (CTO), hinted that such volatility could occur due to possible supply shortages.
Meanwhile, the launch triggered a decline in the price of XRP in the broader cryptocurrency market.
Notably, XRP, which has been riding a wave of renewed interest as Arkham Exchange listed the token for both spot and perpetual trading pairs, dipped. XRP dropped by over 2.2% to trade at $2.64 per token. At the time of this writing, XRP exchanges for $2.64, representing a 5.01% increase in the last 24 hours.
Additionally, investors’ confidence appears to have soared as market volume climbed by 63.84% to $17.55 billion.
Community and Analysts’ Reactions
The launch of RLUSD has received support from members of the community.
A user, XRPKickz (@JumpmanFiend) on X, welcomed it as a change from the previous process. He said, “One thing I hate is paying a bill, waiting for my bank to withdraw the funds, and then waiting for the other side to confirm the payment! I think it’s time for a change!”
Analysts say the stablecoin sector of crypto has seen numerous successes and failures, and the industry will watch to see how Ripple Labs’ RLUSD performs.
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